Excelsior Correspondent
New DELHI, Aug 31: Serving the people of this country and also fourteen countries abroad, Life Insurance Corporation (LIC) of India has recorded a business growth of 27.22 % while the company has won 33 awards during this year.
A spokesman of the LIC said that the company continued to be the dominant life insurer and is moving fast on a new growth trajectory surpassing its own past records. During last six decades, the LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.
He further disclosed that at the end of the FY 2016-2017, LIC had 23 plans for sale under individual business. In the current FY, four new plans have been added viz. LIC’s Aadhaar Stambh, Aadhaar Shila, Jeevan Umang and Pradhan Mantri’s Vyay Vandana Yojana. Various categories being Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Market linked products etc.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has assets of over Rs 25 lakh crore with Life Fund to the tune of Rs 2323802.59 crore. LIC started with 168 offices in 1956 and today with over 4897 offices and has 1.15 lakh employees, 11.31 lakh agents, 29 crore plus policies in force.
During 2016-17 LIC has registered a growth of 27.22% in the new business in terms of the First Year premium. The total Ist Year premium amounted to Rs 124396.27 crore at the end of March 31, 2017 capturing 71.07% of market share.
He further claimed that in 2016-17, LIC settled 215.58 lakhs claims amounting to Rs 1,12,700.41 crore. Settlement standards of LIC is the best in the industry. It achieved settlement of 98.34% maturity claims and 99.63% of death claims in the year.
IT initiatives have facilitated SMS based helpline services, online payment of premiums through wallets and SMS alert on transactions. Customers are able to make use of e-Services for many transactions. LIC mobile application for online Premium payment on Windows and Android phones.
LIC has operation in 14 countries, including Fiji, Mauritius, UK, Bahrain, Qatar, Kuwait, UAE, Oman, Nepal, Sri Lanka and Singapore. Its has won 33 awards this year.
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